Latest news with #RO
Observer
8 hours ago
- Science
- Observer
Fish arrivals slide as temperatures rise
Arrival of fish at the central fish market in Muttrah has been affected due to non-availability of sufficient volumes as temperatures rise compared to last week. While mackerel and prawns were available, tuna and other costlier varieties were scarce in supply while many bigger varieties migrated from the area closer to the shore to deeper areas due to rise in temperatures. 'For the past few days, the availability of different varieties of fish has been reduced due to high temperatures and the fish has migrated to deeper areas of the sea. The fix is that the takers of bigger and costlier fish are limited and many who look for smaller ones had to return empty-handed,' said Salem Mubarak al Rugaishi, a long-time fish buyer at Muttrah Market. 'The arrival of fish at the market has significantly decreased since temperatures began to rise substantially. We are now only catching enough fish for our livelihood, staying within one nautical mile of the shore,' said Ahmed al Hasani, a fisherman. A new study report says globally, fish around the world are moving to colder waters as a result of global warming and that the majority of fish populations are moving nearer the north and south poles, or to deeper waters than they usually would live in, in order to stay cool. The study conducted by researchers at the University of Glasgow says that they're doing this because sea temperatures are rising which affects the fact that whether fish can reproduce, how much they grow and even how well they can digest their food. 'In my opinion, there are more than 2,000 people depending on fish catching or selling and other fish-related activities in and around Muttrah Market; and lack of fish is a real challenge for us albeit it is for a short period,' Al Hasani adds. However, a report published by the National Centre for Statistics and Information (NCSI) says that Oman's commercial fish farming has been witnessing a significant growth in production over the recent years, reflecting both a rise in financial value and an expansion in the variety of species being farmed. The report based on the Ministry of Agriculture, Fisheries and Water Resources figures says that the production of farmed fish has risen to 5,117 tonnes in 2024, with a total production value of RO 15.1 million. This represents a 7 per cent increase in volume and a notably 50 per cent rise in financial value compared to 2023, which saw production of 4,767 tonnes valued at RO 10.99 million. The report further says that the Oman fisheries and aquaculture market size is estimated at $676.26 million in 2025; and is expected to reach $913.56 million by 2030, at a CAGR of 6.2 per cent during 2025-2030. The Sultanate of Oman has identified aquaculture as a key pillar of diversifying its national economy and it is the most important and oldest in Oman.
Observer
9 hours ago
- Business
- Observer
Nama subsidiaries unveil major initiatives for enhanced utility services
MUSCAT: Two key subsidiaries of the Nama Group — Nama Electricity Supply Company (NESC) and Nama Dhofar Services — in a media briefing held on Tuesday, May 27, unveiled their latest initiatives and strategic projects aimed at enhancing customer experience, promoting sustainability, and supporting Oman Vision 2040. The CEO of Nama Electricity Supply Company, Salim Said al Kamyani, outlined several major projects planned for 2025. Among them is the rollout of an advanced digital system allowing customers to track transactions in real time, view daily consumption through the mobile app, and automatically recharge their prepaid accounts. New features such as load management and real-time consumption tracking under the 'Sabiq' service will empower users to better control electricity usage. As part of its corporate social responsibility, NESC also launched the first phase of its Air Conditioner Maintenance Initiative to improve AC efficiency and reduce electricity bills. Complementing these efforts is the 'Sahalat' campaign, offering flexible payment options including: Thabit: A fixed monthly bill payment plan. Yusr: Monthly installment plans for customers with outstanding dues. Sabiq: A prepaid option with real-time monitoring for smarter energy use. Meanwhile, Nama Dhofar Services presented its 2024 achievements and future plans during the same media event. CEO Ali Issa Shamas announced large-scale infrastructure projects, including the RO 27 million Ashour desalination plant and a RO 35 million expansion of the wastewater treatment plant. The company also reported strong operational results: 99.7% water network reliability, over 22 million cubic meters of high-quality recycled water produced, and more than 56% of treated water reused. In electricity services, 84% of meters have been upgraded to AMR systems, supported by the launch of 33 e-services and electronic billing for customer convenience. Tenders worth RO 137 million were awarded for various service and grid expansion projects, including rural electrification aimed at replacing diesel generators and enhancing carbon neutrality. Human resource development was also highlighted, with 40,000 training hours recorded and a zero lost-time injury rate maintained since 2018. Customer satisfaction reached 75%, with 98% of complaints resolved. The company also launched innovative community programs such as the Nama Dhofar Services Hackathon and 'Nama Dhofar Memory' to strengthen documentation and knowledge management. These announcements underscore Nama Group's collective commitment to sustainable growth, enhanced utility services, and alignment with national development goals.
Observer
2 days ago
- Business
- Observer
Launch of 9th issuance of Local Sovereign Sukuk announced
MUSCAT: The Oman Sovereign Sukuk Company SAOC, acting on behalf of the Government of the Sultanate of Oman through the Ministry of Finance, has announced the launch of the 9th issuance of Local Sovereign Sukuk. The offering is valued at RO 100 million, with a Greenshoe option to increase the issuance size. This Sukuk will have a 7-year maturity period and offers an annual profit rate of 4.65%. The subscription period is scheduled to commence on Tuesday, May 27, 2025, and will conclude on Sunday, June 1, 2025. The Sukuk are expected to be issued on Wednesday, June 4, 2025 (the Issuance Date). Profit payments will be made semi-annually on December 4 and June 4 until the maturity date of June 4, 2032. This Sukuk issuance is open to all categories of investors, residents and non-residents (irrespective of their nationalities). The Sukuk will be offered through a competitive auction process. Interested investors may submit their bids through the designated collecting banks: Bank Muscat (Meethaq Islamic), ahlibank (ahli islamic), during the specified subscription period. These Sukuk are structured in compliance with Shariah principles and will be tradable on the Muscat Stock Exchange at prevailing market prices. Details of the allotted Sukuk will be recorded in the Sukuk register maintained and managed by the Muscat Clearing and Depository Company. The Oman Sovereign Sukuk Company SAOC underscores the critical importance of ensuring that the bank account number provided in the subscription application precisely matches the account details registered with the Muscat Clearing and Depository Company. This accuracy is essential to facilitate a seamless subscription process and ensure the timely disbursement of profit payments and principal redemption at maturity. - ONA
Tourism Breaking News
3 days ago
- Business
- Tourism Breaking News
Oman signs RO 56 million in tourism development for major projects across the Sultanate
Post Views: 56 The Ministry of Heritage and Tourism has signed three usufruct contracts valued at over RO 56 million to develop major tourism projects aimed at boosting Oman's hospitality and adventure tourism sectors. The contracts cover the development of integrated tourism complexes in the Wilayats of Khasab and Nakhl, and the transformation of Wadi Al Shab in Sur into a premier adventure tourism destination. The agreements were signed under the patronage of H.E. Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism. The first project focuses on the enhancement of Wadi Al Shab, a prominent natural attraction in the Wilayat of Sur, South Al Sharqiyah Governorate. The initiative includes the construction of an adventure park featuring zip lines, mountain climbing trails, suspension bridges, swimming areas for both adults and children, as well as restaurants and cafés. The project is designed to attract both local and international tourists year-round while promoting environmental sustainability. The second contract was signed with Khasab Development and Investment Company for the establishment of the 'Sandan – Khasab Pearl' integrated tourism complex. Spanning 43,658 square meters in the Wilayat of Khasab, the project will feature a 4-star hotel with 200 rooms and 450 residential units available for ownership by Omanis and foreign nationals. The third project, 'Hamyan Village,' will be developed by Hamyan Investment and Project Development Company on a 201,031 square meter plot in Halban, Wilayat of Nakhl, South Al Batinah Governorate. Represented by Saud Hamad Al Ta'ei, the company will build a 4-star hotel with 156 rooms, 535 residential units including apartments and villas, and a variety of amenities such as a market, restaurants, water park, and other recreational services.
Observer
3 days ago
- Business
- Observer
70% of Duqm Airport–Ras Markaz dual carriageway complete
Duqm: The Duqm Airport Roundabout to Ras Markaz dual-carriageway project has surpassed 70% completion, with several vital works finalized, positioning the project to soon facilitate effective traffic flow. The project features a dual-carriageway comprising two lanes in each direction over a 42.9-kilometre stretch, along with 11.5 kilometres of subsidiary roads, including access routes to roundabouts and connections to the airport area. The road will link storage tanks at Ras Markaz with the Duqm Airport Roundabout, passing alongside the Green Industries Zone and several ongoing projects. It will also connect to the populated village of Dhahar and the Salalah route, enhancing integration among strategic projects in the southern sector of the Special Economic Zone at Duqm (SEZAD). Eng Salim bin Juma al Ghanbousi, Senior Quantity Surveying and Contracts Specialist, stated that the project's cost exceeds RO 57.6 million. It forms part of SEZAD's vision to develop robust infrastructure supporting sustainable growth, with strong commitment to executing the project to the highest quality standards while adhering to the scheduled timeline. In a statement to Oman News Agency (ONA), he explained that the project includes critical works such as constructing wadi drainage culverts, creating future utility corridors (for water, electricity, and communications), relocating damaged fiber-optic cables, and providing necessary protection for Duqm Refinery's oil pipelines. Eng Mohammed bin Salim al Tamimi, one of the project engineers at Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer), reported that over 90% of works on Main Roads 1 and 2 have been completed, along with more than 90% of concrete construction works. Asphalt layer works have exceeded 70% completion. In his statement to ONA, he noted that all surface water drainage culverts have been fully implemented. The project also includes installing smart lighting poles along the entire route. Additionally, 10% of the total project value has been allocated to small and medium enterprises (SMEs), reinforcing their role in major project execution and supporting the local economy.
